The 2nd sale of the Dan Holmes collection was held by Goldbergs Coins & Collectibles in Beverly Hills, CA on May 30, 2010. This sale, of Dan's middle-date large cents (1816-1839) followed the triumphant sale of his early dates in Sept. 2009 (during which the first U.S. large cent was sold at auction for more than $1 Million!). Two more sales are planned for the remaining Holmes coins - the error coins will be sold in Fall 2010 and the late-date cents (1840-1857) will be sold in early 2011.
Dan Holmes is a copper connoisseur of the 1st order, and his collection of middle-date cents is a strong reflection of his tastes - many condition-census coins and finest-known coins can be found among the 654 lots that were sold.
I was fortunate enough to attend this sale, and I even managed to bring home a few of the lots. Attendance for the auction was very much in line with what I have seen at past auctions of major copper collections. The bidding was generally strong, but not incredibly impressive. The median hammer price was about 40% higher than the pre-sale estimate. There were a number of coins that brought many multiples of their pre-sale estimates, and yet some of the marquee coins in the sale fell short of their pre-sale estimates.
Below I will attempt to capture some of the "surprises" in the Holmes part-2 auction, from my perspective. Please keep in mind that, while the reported hammer prices reflect reality, the opinions are mine alone.
LOT 20 provided an early surprise. This 1816 N8 (R3) in PCGS MS64 RB had a lot of flash, and plenty of red color. After spirited bidding, it was hammered for $9750 (vs. an estimate of only $1000).
LOT 56 was an 1817 N12 (R3) in a very rare terminal die state (with a large cud die break connecting stars 1-3). Although it was only graded G-5, this coin sold for a hammer price of $2800.
Just a few lots later, LOT 71, an 1817 N17 (R4) graded G-6, but in terminal die state was hammered for $1650. I concluded that these die-state collectors mean business!
LOT 73, a relatively problem-free G-5 example of the very rare 1822 N14 (R7) brought a winning bid of $18,000 (vs. an estimate of just $8000).
LOT 254 (1827 N12 (R5) graded only VG-7 but in terminal die-state) and LOT 267 (1828 N8 (R3+) graded only G-6 but in terminal die-state) continued the theme of extremely strong bids for rare die states.
LOT 322 and LOT 323, both 1830 N9 (R6+) were surprises because of the weakness of the bidding for these rarities. LOT 322 was hammered for $15,000 (vs. estimate of $20,000-up) while LOT 323 realized a hammer price of $6500 (vs. estimate of $8000-up).
LOT 398 was one of the marquee coins in this sale - a very rare proof-only 1834 N7 (R7) and tied for finest known. I was surprised when the bidding for this wonder-coin stopped at $43,000 (vs. a pre-sale estimate of $50,000-up). Rest assured the winning bidder is very satisfied with his purchase.
The 1839/6 (N1) Cents in the Holmes sale (three beautiful coins, representing different states of the famous obv die-break) provided some drama. The first coin (EDS in EF-45) surprised on the down side when it was hammered at just $14,500 (vs. an estimate of $25,000). However, the 2nd coin (MDS in EF40) met expectations(with a hammer price of $17,500 vs. an estimate of $15,000), while the 3rd coin (LDS in choice VF35) provided an upside surprise when it was hammered at $19,500 vs. an estimate of only $10,000.
In reflecting upon this sale, I have this to say:
As always, quality & rarity ruled the day, but there were many surprise bargains among the marquee coins in this sale. One of the biggest surprises for me was the strength in low-grade coins in rare die-state. This is an area of early copper to watch closely!
